Company Number: N1030819 Charity Number: N1101854 Bogsldc & Brandywcll Initiative Ltd (A company limited by guarantee) Dlrcctors, roport and finan¢ial statements for the year ended 31 March 2023
Bogside & Brandywell Initiative Ltd (A company limited by guarantee) Contents Page Legal and Administrative Information Directors Report Independent Auditors, Report Stateinent of financial Activities 10 Balance Slieet li Statement of Casliflows 12 Notes to the accounts 13-20
Bogside & Brand)Trvell Initiative Ltd (A company limited by guarantee) Information Directors Catherine Pollock Ann¢-Marie Gallaglier Sean Mcmonagle Terrence Crossan Terry Lamberton Anthony Brown Jaires Mc Evor John Lynch Appointed 23111122 Secretary Anne-marie Gallagher Rcgistered office The Gasyard Centre 128 Lecky Road Derry BT48 6NP Company number: N1030819 Chanty number: XR22731 NIC101854 Auditors McGroaty Mccaffety & Company Accountants & Registered Auditors 2 Carli51e Terrace Derry BT48 6JX Bankers AIB (NI) Meadowbank House Derry BT48 7Tr1 Solicitor MacDerniott, McGurk & Partners Solicitors 12 Clarendon Street Derry BT48 7ET Page I
Bogside & Brandywell Initiative Ltd (A company limited by guarantee) Directors Report The directors present their report and the financial statements for tlie year ended 31 March 2023. Principal activity The principal activity of the company in tli¢ year und¢r revi¢w is to ¢nhance the potential for social economic education and well being creating a inore a¢tiv¢ coinmunity and environment. Directors and their interests Tlie directors of the charity for the purposes of charity law and throughout this report are collectively referred to as the directors. The directors serving during tlie year and since the year end were as follows: Catlierine Pollock Anne-marie Gallaglier Terrence Cr055an Terry Lamberton Sean Mcmoiiagle Antliony Brown Jllines Mc Ivor Johii Lynch Appointed 23111122 Governing Document Bogside & Brandywell Initiative Ltd is a company limited by guarantee governed by its Memorandum and Articles of Association. It is a registered charity with tlie HM R¢venue & Customs. Appointment of Directors At the Annual General Meetiiig one third of directors resign in rotation and being eligible offer themselves for re-election. Risk Managomcnt Tlie directors have a risk management strategy wliicli consists of establishing a syslem of identifying risks and mitigating such risks. Achi¢vomonts, Performance & Public Benefit The Bogside & Brandywell Initiative Ltd engages in a resident led response based upon partnership and collaboration, to tackle the environmental and social problems experienced across the Triax Neighbourhood Renewal Area in order to establisli and sustain cleaner, safer and more attractive neighbourhoods. The organisation is working exclusively for the local community, developing bespoke and creative programmes and activities for those suffering multiple levels of deprivation to reverse decline and create sustainable communities. Our mission is to do whatever it takes to incre&ge tlie capacity of residents in the Triax area in order to enhanc¢ their social, economic and educational wellbeing including developing th¢ built environment. The organisation will ensure residents have the inforn]ation, opportunity, resources and confidence to actively participate in positively tr(insforming their own communities througli increased volunteering and engageinent, and support for improved community and statutory partnerships and services. Page 2
Bogside & Brandywell Initiative Ltd Conliiiiied..... Financial roview The fiiiancial performance is suirmarised in tlie enclosed accounts. Plans for Future Periods Historically the main focus of work has been with Inember groups but over the coming years there will be a greater focus on putting local residents at the heart of future projects. It will ensure residents Iiave the infonnation, opportunity, resources and confidence to actively participate in positively traiisforiniiig their own cominunities througli increased volunteering and engagement, and support for iillproved coininunity and statutory partnerships and services. It will endeavour to create a number of forums around community devices ensuring collaborative interventions across the Neighbourhood Renewal themes tackling inequalities and disadvantages and building social entcrprises as additional resources and opportunities for employment and training. Divettors Rtsponsibilities Ih Relation To The Finattcial statemet5 The directors are respoiisible for preparing the Aiinual Report and the financial statements in accordance with applicable law and United Kingdom Accountiiig Standards (United Kingdom Generally Accepted Accounting Practice). Colnpany law requires the directors to pr¢par¢ financial statements for eacli flnancial year. Under company law tlie directors must not approve tlie financial statements unless they are satisfied that tliey give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In pr¢pariiig th¢s¢ financial stat¢inents, th¢ dir¢ctors ar¢ required to: s¢le¢t suitable accounting policies and apply them consistently; observe tlie methods aiid principles in tli¢ Cliarities SORP 2019 (FRS 102); make judgements and estimates tliat are reasonable and prudent. statc whether applicable UK and Accounting Standards have been followed. subject to any material departures disclosed and explained in tlie financial statements; prepare tli¢ fiiiancial statements on tlie going concern basis unless it is inappropriate to presume that the harity will continue in business. Tlie Board is responsible for maintaining proper accounting records tliat are sufficient to show and explain the cliarity's transactions and disclose witli reasonable accuracy at any tiine the financial position of the charitable company and to enable them to ensure that the financial statements comply with Companies Act 2006. Tl)e Board is a150 r¢spon5ible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the preventioii and detection of fraud and other irregularities. In accordance ivith company law, as the company's directors, we certify that: So far as we are aware, there is no relevant audit iiiforination of which the company's auditors are unaware. and as tlie directors of the company we Iiave taken all steps we ought to have taken in order to make ourselves aware of any relevant audit inforniation and to establish that the charity's auditors are aware of tliat information. Page 3
Bogsidc & Brand)ryvcll Initiative Ltd Co171iniied...., Auditor's McGroarty Mccafferty & Company are deemed to be reappointed in accordance with Section 487 (2) of the Companies Act 2006. This report is prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small Companies. The financial statements are approved and authorised for issue by the Board of Directors on 20 October 2023 and signed on it's behalf by; Dlrector or Catherlne Pollock An Marie Gallagher Page 4
Bogside & Brandywell Initiative Ltd (A company limit¢d by guarantee) Independent auditor's report to the directors of Bogside & Brandywell Initiative Ltd Opinion We have audited the financial slatements of Bogside & Brandywell Initiative Ltd for the year ended 31 March 2023 whicl) comprise the Statement of Financial Activities, the Balance Sheet, the Cashflow Statement and the related notes. The financial reporting framework that has been applied in tlieir preparation is applicable law aiid United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) iiicluding FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" This report is made solely to the charitable company's directors, as a body, in accordance with Chapter 3 of Part 16 of tlie Companies Act 2006. Our audit work lias been undertaken so that we might state to the charitable company's directors those matters we are required to state to them in an auditorfs report and for no other purpose. To tlie fullest extent pennitted by law, we do not accept or assume responsibility to anyone other tlian the cliaritable company and tlie charitable company's directors as a body, for our audit work, for this report, or for tlie opinions wc Iiave fonn¢d. In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2023, and of its iiicoming resourccs and expenditure of resources, including its income and expenditure, for the year ihen have been properly prepared in accordaiice with United Kingdom Generally Accepted Accounting Practice; hav¢ b¢¢n pr¢pared in accordance with th¢ requirements of th¢ Compani¢s Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those staiidards are further described in tlie Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance witli tl)e etliical requirements tliat are relevant to our audit of the financial statements in the UK, including tlie FRC'S Etliical Staiidard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe tliat the audit evidence we liave obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditiiig tlie financial statements, we have concluded tliat tlie directors, use of the going concern basis of accounting in ilie preparation of the fiiiancial stateinents is appropriate. Based on the work we liave performed, we have not identified any material uncertainties relating to events or conditions that, iiidividually or collectively, may cast significant doubt on the charitable company's ability to eoiitinue as a going concern for a period of at least twelve months from when the financial statements are authoris¢d for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of Iliis report. Page 5
Bogside & Brand)Trvell Initiative Ltd (A company limited by guarantee) Other information The dire¢tors are responsible foi the other infonnation. Tli¢ other information comprises the inforniation included in the dir¢ctors' annual report, other tlian the financial statements and our auditor's report thereon. Our opinion on tlie financial stateinents does not cover otlier information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection witli our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether tlie other infonnation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material incoiisistencies or apparent material Inisstatements, we are required to detemjine whether there is a material misstateinent in the financial statements or a material misstateinent of the otlier infomjation. If, based on the work we have perfonned, we conclude that there is a material misstatement of this other infonnation, we ar¢ required to report that fact. We have nothing to report in this regard. Opinion on other mAtters proscribed by the CompAnles Act 2006 Iii our opinion based on the work undertaken in the course of the audit: Ilie information given in the Directors, Annual Report for the financial year for wliich the financial statements are prepared is consistent ivith tlie financial statements; and tlie Directors Annual Report lias been prepared in accordance with applicable legal requirements. Matters on whieh we are requfired lo report by exception In the light of our knowledge and underslanding of the cliaritable company and ils environment obtained in the Course of the audit, we have not identified material misstatements in the Directors Annual Report. We have notliing to report iii respect of tlie following matters where tlie Companies Act 2006 requires us to report to you if, in our opiiiion: adequate accounting records have not been kept; or tlie financial statements are i)ot in agreement with ihe accounting records and returns; or certain disclosures of directors, remui)eration specified by law are not made; or we have not received all the infonnation and explanations we require for our audit; or the directors were Iiot entitled to prepare tlie finaiicial statements in accordance with the small companies regime and take advaiitage of the small compaiiies exemption from the requirement to prepare a strategic report. Re5ponsibllltles of tho directors A5 explained more fully in the Directors, Responsibilities Statement set out on page 3, the director5 (who are also tlie directors of the charitablc company for the purposes of ¢ompany law) are responsible for the preparation of tlie financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors detennine is necessary to enable th¢ preparation of financial statements that are free froin Inaterial misslatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the cliaritable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page 6
Bogside & Brandywell Initiative Ltd (A company limited by guarantee) Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain r¢asonable assurance about whether the financial statements as a whol¢ are free rrom malerial misstatement, whether du¢ to fraud or error, and to issue an auditor's report that includes our opinion. R¢asonable assurance is a high level of assurance, but is not a guarantee tliat an audit conducted in accordance with ISAS (UK) will always detect a mat¢rial misstatement when it exists. Misstatements can arise from fraud or error aiid are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. ExplanatlOD as to what extent the audlt was consldored capable of detecting irregularitie5, including fraud; Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in liiie witli our responsibilities, outlined above, to detect material Inisstatements in respect of irregularities, iiicluding fraud. However, tlie primary respoiisibility for the prevention and detection of fraud lies with mana&Fement and the board of directors of the charitable company. Idontifying And assessing potentlal risks related to Irrogularitles In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-coInpliance witli laws and regulatioiis, we considered ilie following.. tlie nature of Ihe industry, sector and tlie specific control environment which it operates in. tlie charities own assessment of the risks tliat irregularities may occur, either as a result of fraud or error; representations and results from our enquiries with management and the board of directors regarding tlieir own identification and assessinent of the risks of irregularities; enquiries of management relating to a¢counting estimates measurements, recognition criteria and justification of such ainounts. any mattors we Iiave identified having obtained and reviewed the Charities policies and procedures relating to; * identifying and assessing if laws and regulatioi)s are compliant and whether they are awa of any iiistances of iion-compliance. * detection and response to the risk of fraud and whether they are aware of any actual, suspected or alleged fraLid instaiiC¢S' * ilie internal coiitrols designed to Initigate risks or fraud or non-coinpliance with laws and regulations, and to minimise risk of management override5 of sucli controls. all Inatters discussed ainong the audit engagement team regarding how and wliere fraud could occur and the potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the charity for fraud. Tlie audit included assessing the procedures and evaluating the measurement of estimations. In coininon with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks applicable to the charity and onsidered that tli¢ most signifIcant are the UK Companies Act 2006, SORP 2019 (FRS 102) and Charities Act (Northern Irelaiid)2008. Audit responses to risks identified Our procedures to respond to risks identifIed included the following". Page 7
Bogside & Brandywell Initiative Ltd (A company limited by guarantee) r¢viewing the financial statement disclosures, testing the relevant documentation to assess complianc¢ with tlie significant laws and regulations- those described as having a direct effect on the financial stat¢ments' enquiring with maiiagement and obtaining third party confirniation from the Charities Solicitors regarding any actual or potential litigatioii and claims; performing aiialytical procedures to identify any unusual or unexpected relationships that may indicat¢ risks of malerial misstatemcnt due to fraud; reading Ininutes of board and management meetings, examine forecasting material in line with actual pert'orinance, identifying any potential fraud indicators or instances. reviewing Conipanies House and Charity Commisslon Northern Ireland correspondence, identify any late submissioiis or oinissions of Inandatory inforniation. review correspondei)c¢ with HMRC, identifying non compliance of specific infom)ation to be disclosed; in addressiiig the risk of fraud through Inanageinent override of controls, testing the appropriateness of data entries and adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluatiiig the rationale of any significant transactions Iliat are unusual or outside the norinal course of the Charities objectives. We also commuiiicated relevant identified laws and regulations and potential fraud risks to all engagement team Inembers and reinained alert to any indications of fraud or noncompliance with laws and regulations tlirougliout the audit. As part of an audit in accordance witli ISAS (UK), we exercise professional judgment and maintain professional sc¢pticism througliout the audit. We also: Identify and ass¢ss the risks of mat¢rial misstatement of the financial statements, whether due to fraud or error, d¢sign and perfonn audit procedures responsive to those risks, and obtain audit evidence tliat is suffIcient and appropriatc to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higlier than for one resulting froin error, as fraud may involve collusion, forgery, intentional oinissioiis, misrepresentations, or tlie override of internal control. Obtain an understanding of internal control relevant to tlie audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the cliaritable Coinpany's intcrnal control. Evaluate tlie appropriateiiess of accounting policies used and th¢ reasonableness of accounting estimates and related disclosures made by the direclors. Conclude on the appropriateness of tlie directors, use of the going Concern basis of accounting and, based on the audit evideiice obtained, wliether a material uncertainty exists related to events or conditions that may cast significaiit doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorfs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on tlie audit evideiice oblained up to the date of tlie auditorfs report. Hoivever, future event5 or conditions inay cause the charitable company to cease to continue as a going concem. -Evaluate tlic overall presentation, structure and content of the financial statements, including the disclosures, and ivhellier tlie financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Page 8
Bogside & Brandywell Initiative Ltd (A company limited by guarantee) We communicate with tliose charged with governance regarding, among other matters, tli¢ planned scope and timing of tli¢ audit and signifi¢ant audit findings, including any significant d¢ficiencies in int¢mal control that we identify during our audit. Patrick McGroarty Senior Statutory Auditor For and on behalf of McGroarty Mccafferty & Company Statutory Audltor 2 Carlisle Terrace Derry BT48 6JX Date: 20 October 2023 Page 9
Bogside & Brandywell Initiative Ltd (A company limitcd by guarantee) Statement of Financial Activities for the year ended 31 March 2023 Unrestricted Funds Restricted Funds 2023 2022 Income and Expenditure Incoming Resources Grants & Sundry Incoine 78,927 448,829 527,756 495,478 Tot#1 Inconiing Rosourees 78,927 448,829 527,756 495,478 Resources Expended Managyement & Adininistratioii 89,459 455,524 544,983 464,846 Total Resources Expended 89,459 455,524 544,983 464,846 Nct Incoming l (Outgolng) Resources (10,532) (6,695) (17,227) 30,632 Baliiiices brought forward l April 2022 148,867 35,748 184,615 153,983 138,335 29,053 167,388 184,615 Trai)sfers Balaiices carried forward 31 March 2023 11 138,335 29,053 167,388 184,615 Tlie above ainoui)ts relate to contiiiuing operations of tlie company. The coinpany has no recognised gains and losses other than those included in the results above and therefore no separate statement of total recognised gains and losses has been presented. There is no difference between the nct incoming resources for the year stated above and their historical cost equivalents. Page 10
Bogside & Brandywell Initiative Ltd (A company limited by guarantee) Balance sheet as at 31 March 2023 2023 2022 Notes Tangible assets 81,721 90,543 Current assets Debtors Casli at bank and in hand 71,587 103,603 114,128 63,139 175,190 177,267 Current liAbilitles Bank loans and overdrafts Othcr creditors Accruals 1,257 76,668 11,598 707 16,050 66.438 89,523 83,195 Net current assets 85,667 94,072 Total assets less current liabillties 167.388 184,615 Reserves Unrestricted Reslricted 12 138,335 29,053 148,867 35,748 167,388 184.615 The financial statements are prepared in accordance with the special provisions of Part 15 of tlie Companies Acl 2006 and the Cliarities SORP 2019 (FRS 102). Tlie Financial Stateinents were approved and authorised for issue by the Board on 20 October 2023 and signed on its belialf by Director Cathcrine Pollock Director Ann-marie Date: 20th October 2023 Date: 20th October 2023 Registration No: N1030819 Page 11
Bogside & Brandywell Initiative Ltd (A company limited by guarantee) Statement of Cash flows as at 31 March 2023 2023 2022 Net inLoming / (outgoing) resources for the year Deprecialioii and iinpaimient (Increase)I decrease in debtors (Dccrcase)/ increase in creditors (17,227) 10,721 42,541 6,329 30,632 1,824 (44,348) 53,754 Nct cash Inflow from operating activities 42,364 41,862 Capital expenditure (1,900) (49,047) Increase in cash in the year 40,464 (7,185) Reeonciliation of net cash flow to movement in net funds Incrcasc in cash in tht year Net funds at l April 2022 40,464 63,139 (7,185) 70.324 N¢t funds at 31 March 2023 13 103,603 63,139 Page 12
Bogside & Brandywell Initiative Ltd (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2023 Gcneral Information The charity is a private limited company by guarantee, registered in Northem Ireland and a registered charity in Northern Ireland. The address of the registered otTice is The Gasyard Centre, 128 Lecky Road, Derry, BT48 6NP. 1.1. Accountlng conventlon The principal accounting policies adopted in the preparation of tlie financial stateinents are set out below and have remained unchanged from the previous year, and also have been consistently applied witli in tlie same accounts. Tlic cliarity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to cliarities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland Charities SORP 2019 (FRS102), Charities Act (Nortliern Ireland) 2008, and the Companies Act 2006. The financial stateinents are prepared on a going concern basis under tlie historical cost convention, modified to included certain items at fair value. The financial statements are presented in sterling whicli is the functional currency of the charity. Incom¢ All incotning resources are included in the SOFA when th¢ charity is l¢gally entitled to the income and tli¢ amount cali be qualified with reasonable accuracy. The following specific policies are applied to particular categories of income: Voluiitary income is received by way of grants, donations and gifts and is included in full in the statement of fiiiancial activities wlien receivable. Grants where entitleinent is not conditional on the delivery of a specifi¢ performanc¢ by tlie charity, are recognised when the cliarity becoines unconditionally entitled to the grant. Donated services and facilities are included at the value to tlie charity where this can be quantified. Tlie value of services provided by volunteers has not been included. Gifts doiiated for resale are included as incoming resources within activilies for generating funds wlien they are sold. 1.3. Resources expended All expendilure is accounted for on an accruals basis as a liability is incurred and has been Classified under lieadings tliat aggregate all costs related to the category. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for ils beneficiaries. It includes both costs that can be allocated directly to sucli activities and those costs of an indirect nature necessary to support them. Page 13
Bogside & Brandywell Initiative Ltd (A company limited by guarantee) Notes to the accounts for the ycar ended 31 March 2023 1.4. Fund accounting Unrestricted funds are available for use at the discretion of the trustees in furtlierance of the general objectives of tlie charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or wliicli have been raised by tlie charity for particular purposes. The cost of raising and administering sucli funds are chargcd against the specific fund. 1.5. Tangible fixed assets and depreciatlon Tangible fi,xed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less residual value of each asset over its expected useful life, as follows: Laiid and buildings Office Equipment Equipmeiit Motor vehicles 20/0 Straight Line 150/0 Straight Line 15 % Straight Line 20 1 Straiglit Line 1.6. Cash g4t bank and In hand Casli and cash equivalents include ¢asli at bank and in hand. 1.7. Debtors & creditors Debtors and creditors wilh no stated int¢r¢st ratc and receivable or payable within one year are recorded at transaction price. Any losses arising from impairnient are recognised in expenditure. 1.8. Penslon costs Contributioiis to auto enrolment pension schemes are recognised as an expense in the period in which tlie relaled service is provided. 1.9. Going eonccrn The finaiicial statements liave been prepared on a going concern basis as the directors believe that no material uiicertainties exist. Tlie directors have considered the level of funds Iield and the expected level of incoine and expenditure for 12 months from authorising these financial statements. The budgeted income aiid expenditure is sufficient with the level of reserves for the charity to be able to continue as a goiiig concern. Page 14
Bogside & Brandywell Initiative Ltd (A company limited by guarantcc) Notes to the account5 for the year ended 31 March 2023 Inconie 2023 2022 Restrlcted Income Tlie Executive Office Department of Justice KNIB-Live Flcre Love Here CIPP-Better Togetlier Project Dept of Justice - Arch Big Lottery Awards for All Commuiiity Food Initiative Derry & Slrabaiie District Council Dfc-job Start Iri-Peace Walls Department for Communities DFC Tus Maitli Project 1,500 1,833 500 8,725 1,000 535 7,679 22,825 8,765 61,185 6,511 97,500 169,485 93,325 91,392 209,415 90,266 448,829 423,612 Uhrestricted Income Donations & project income 78,927 71.866 78,927 71,866 Totol Income 527,756 495,478 (i) Restrlctcd Funds Funds received wliich are earniarked by the Funder for specific purposes. Such purposes are within the overall aims of tlie organisation, {11) Unrestricted Funds Funds wliich are expendable at the discretion of the company in furtherance of the aims of the charity. In addilion funds may be Iield iii order to finance capital investment and working capital. Page 15
Bog5ide & Brandywell Initiative Ltd (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2023 Resources Expended Unrestri¢t¢d Funds Restricted Funds Total 2023 Total 2022 Management & Administration DFC Project expenses Peace IV project expenses KNIB Live Here Love Here IFI Peace Walls Project Dept of Justice - Arch Project Department of Justice project Depreciatioii on vaii DFC-Job Start Community Food Initiative Big Lottery-Awards for All The Executive Office Project DCSDC expeiises Sundry Account expenses Tus Maith project 169,485 ,742 169,485 8,742 172,576 503 90,661 1,000 97,477 97,477 1,833 7,368 6,511 1,833 7,368 6,511 7,679 535 8,792 1,500 60,633 8,792 1,500 60,633 89,459 93,183 22,825 79,283 89,784 89,459 93,183 89,459 455,524 544,983 464.846 Net Incoming Resources 2023 2022 Net incoming resources has been arrived at after charging. Audit r¢inun¢ration Depreciation 3,600 10,722 1,824 Page 16
Bogside & Brandywell Initiative Ltd (A company limited by guarantee) Notes to the accounts for the ycar cndcd 31 March 2023 Employees 2023 2022 Wages and Salaries Pension costs 365,544 12,810 358,824 14,821 378,354 373,645 No einployees received emoluments of more than £60,000 (2022: None). Tlie directors, neitlier received nor waived any emoluments during the year (2022: None). Number of employccs 2023 Number 2022 Number The average Inonthly iiuinbers of employees during the year, calculated on tl)e basis of full tiine equivalents, was as follows: 16 16 Auditor's remuneratio The auditor's remuneration amounts to an audit fee of £3,600 (2022 - None). Taxation As a Gliarity, Bogside & Brandywell Initiative Ltd is exempt from on incoine and gains falling within section 505 of the Taxes Act 1988 or s256 of tlie TatIOn of Chargeable Gains Act 1992 to tlie extent that these are applied to ils chargeable objects. Accordingly, no t cliarges have arisen in tlie cliarity. Page 17
Bogside & Brandywell Initiative Ltd (A company limited by guarantce) Notes to the accounts for the year ended 31 March 2023 Tllngible assets Land and buildings Office freebold Equipment Equlpmcnt Motor vehicles Total Cost At l April 2022 Additioiis 57,000 8,000 88,395 51,689 1,900 205,084 1,900 At 31 Marcli 2023 57,000 8,000 88,395 53,589 206,984 Dcprcei#tion At l April 2022 Cliarge for ilie year 14,820 1,140 8,000 84,521 684 7,200 8,898 114,541 10,722 At 31 March 2023 15,960 8,000 85,205 16,098 125,263 Nct book values At 31 March 2023 41,040 3,190 37.491 81,721 At 31 March 2022 42.180 3,874 44.489 90,543 Debtors 2023 2022 SLiiidry debtors Other debtors 70,256 1,331 114,128 71,587 114,128 Croditors: amounts falling due within one year 2023 2022 Taxes and social security creditor Bank loans and overdrafts Other creditors Deferred inconie (Note l O) Accruals 14,013 1,257 2,789 59,866 11,598 6,699 707 9,351 66,438 89,523 83,195 Page 18
Bogside & Brandywell Initiative Ltd (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2023 10. Deferred Income 2023 2022 Balance at l April 2022 Additions during the year Amounts released to income 9,351 (518,046) (432,963) 448,829 423,612 Balance at 31 Marcli 2023 59,866 9,351 Income has been deferred as income was received before the end of the financial year 31 March 2023 and relates to post year end expenditure. 11. Movements In Funds At l April Incoming Outgoing 2022 resources resources TrAnsfcr At 31 March 2023 Restricted funds: Total restricted funds 35,748 448,829 (455.524) 29,053 Unrestricted funds: Total unr¢stricted funds 148,867 78,927 (89,459) 138,335 Total funds 184,615 527,756 (544,983) 167,388 Purposes of Restricted Funds Restricted grants awarded to the charity is provided to cover the core objects. 12. Analysis of nct assets between funds Unrestrlcted Restrictod funds funds Total funds Fund balances at 31 Marcli 2023 as represented by: Taiigibl¢ fiA¢d assets Curreiil assets Current liabilities 50,350 31,371 93,838 81,352 (5,853) (83,670) 81,721 175,190 (89,523) 138,335 29,053 167,388 13. Cash ¥?nd Cash Equivalents 2023 2022 Casli at bank and in hand 103,603 63,139 Page 19
Bogside & Brandywell Initiative Ltd (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2023 14. Related Party Transactions There was no related paty transactions in the year under review. 15. Llmited by Guarantee The coinpany is limited by guarantee and does not have a share capital. Controlling Interest 16. Controlling interest rests With the Board of Directors. 17. Post Balanco Sheet events No significant events have taken place since the year end that would result in adjustments to 2023 financial inforination or inclusion of a note thereto. Page 20